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Home Tech Crypto US judge dismisses crypto fraud case against BNT token issuer

US judge dismisses crypto fraud case against BNT token issuer

Document Analysis NLP IA

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sentiment

Sentiment0.012570145903479
objective
redaction

Subjectivity0.3682379349046
probably it's an affirmation
Affirmation0.484375

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Key Concepts (and relevance score)

Summary (IA Generated)

A federal district court in the United States has dismissed a securities fraud class action against Israel-based cryptocurrency firm Bancor.

district judge Alvin Hellerstein ruled on Monday to dismiss a case against Bancor, stating that plaintiffs had failed to allege losses as well as citing lack of personal jurisdiction.

The case was brought by New York law firms Roche Cyrulnik Freedman and Selendy & Gay in April 2020, alleging that the Bancor protocol developer, BProtocol Foundation, violated federal and state securities laws in the U.

According to a filing seen by Cointelegraph, the court found that activities promoting the BNT token were not sufficient to give the court jurisdiction over the BProtocol Foundation.

The case’s plaintiff, Timothy Holsworth, alleged that he purchased 587 BNT tokens in 2019 from Wisconsin via a digital exchange in Singapore at an aggregate cost of $212.

“The federal securities laws do not reach a purchase and sale outside the United States Wherever the current business location of Bancor, New York is not a reasonable and convenient place to conduct this litigation.

The latest court decision marks the latest ruling in a series of similar cases filed by investors represented by Roche Cyrulnik Freedman and Selendy & Gay.


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